In an unprecedented showdown, two high-profile billionaire art collectors, David Geffen and Justin Sun, are embroiled in a legal battle over ownership of Alberto Giacometti's sculpture “Le Nez” ("The Nose"). This rare instance of public discord among the ultra-wealthy unveils the often opaque mechanisms that govern the art market, notorious for its unlicensed agents and multimillion-dollar deals conducted without formal agreements.
The confrontation unfolded in federal court in New York, where Justin Sun, a Chinese blockchain entrepreneur, and David Geffen, an American entertainment mogul, are trading accusations regarding the prized Giacometti piece, valued in the tens of millions. Sun asserts that an unethical advisor misrepresented the ownership and facilitated a secretive sale of the sculpture to Geffen for a mere $10.5 million along with two unidentified paintings, claiming forgery was involved, and that a non-existent Chinese lawyer was part of the scheme.
Sun originally acquired "Le Nez" at a New York auction for $78.4 million in 2021, a striking bronze, steel, and iron piece depicting a human head within an open cage, marked by its elongated nose. After borrowing the artwork for a period, Geffen purchased it last year while it was loaned to the Giacometti Institute in Paris. In response to Sun's lawsuit, Geffen countered by accusing Sun of attempting to backtrack on the sale due to remorse over the original transaction.
This saga is further complicated by the involvement of an agent whose status remains uncertain, with speculation surrounding whether he may be detained in China. This high-stakes dispute not only highlights the fractious relationships within the art world but also the lengths affluent collectors will go to assert ownership rights amidst an environment shrouded in secrecy.
The confrontation unfolded in federal court in New York, where Justin Sun, a Chinese blockchain entrepreneur, and David Geffen, an American entertainment mogul, are trading accusations regarding the prized Giacometti piece, valued in the tens of millions. Sun asserts that an unethical advisor misrepresented the ownership and facilitated a secretive sale of the sculpture to Geffen for a mere $10.5 million along with two unidentified paintings, claiming forgery was involved, and that a non-existent Chinese lawyer was part of the scheme.
Sun originally acquired "Le Nez" at a New York auction for $78.4 million in 2021, a striking bronze, steel, and iron piece depicting a human head within an open cage, marked by its elongated nose. After borrowing the artwork for a period, Geffen purchased it last year while it was loaned to the Giacometti Institute in Paris. In response to Sun's lawsuit, Geffen countered by accusing Sun of attempting to backtrack on the sale due to remorse over the original transaction.
This saga is further complicated by the involvement of an agent whose status remains uncertain, with speculation surrounding whether he may be detained in China. This high-stakes dispute not only highlights the fractious relationships within the art world but also the lengths affluent collectors will go to assert ownership rights amidst an environment shrouded in secrecy.
